证券之星消息，12月26日白酒板块较上一交易日下跌0.34%，*ST岩石领跌。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。白酒板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 615009 | 贵州茅台 | 7403.88万 | 2.94% | -7391.42万 | -2.93% | -12.46万 | 0.00% | | 616809 | 金徽酒 | 351.92万 | 3.37% | -89.61万 | -0.86% | -262.31万 | -2.51% | | 600696 | *ST岩石 | -223.54万 | -9.96% | -185.50万 | -8.27% | - 409.03万 | 18.23% | | 6610009 | 金种子酒 | -337.89万 | -4.92% | -328.71万 | -4.79% | 6 ...

Group 1 - The report indicates that the liquor industry is currently facing supply-demand imbalances, with companies reducing growth expectations and releasing channel pressures. The white liquor index has dropped by 12% since the beginning of 2025, underperforming the CSI 300 index by 33% [1][11] - The report highlights that the overall market demand for white liquor has shown slight recovery, but actual demand remains weak, with mainstream product prices in a downward trend. Companies like Wuliangye and Gujing Gongjiu are reducing growth expectations, leading to significant declines in Q3 performance [1][22] - The report suggests that the white liquor sector is entering a configuration phase, with leading companies like Kweichow Moutai improving their price-volume relationship and showcasing dividend asset attributes, with a projected dividend yield of 4% in 2026 [3][4] Group 2 - Looking ahead to 2026, the report anticipates that supply-side optimization and channel clearing will occur, with a focus on quality company configurations. The industry is expected to see gradual recovery in demand, particularly during the Spring Festival sales period [2][29] - The report notes that channel inventory has decreased since Q3 2025, and companies are focusing on maintaining dynamic profits for distributors. Leading companies are gradually relaxing channel policies, indicating a stabilization trend in product prices post-holiday [2][42] - The competitive landscape is shifting from price differentiation to brand and organizational capabilities, with companies that can establish pricing power in specific regions or demographics likely to emerge from the adjustment cycle first [2][29] Group 3 - Investment recommendations suggest that the white liquor sector is now in a configuration zone, with a focus on brands that can navigate through cycles, such as Kweichow Moutai and Shanxi Fenjiu, which are expected to see valuation improvements as market liquidity increases [3][4] - The report emphasizes the importance of companies that have established advantages in pricing and regional market share during the adjustment phase, such as Luzhou Laojiao, Gujing Gongjiu, and Jinhui Liquor [3][4] - The report also highlights companies with strong shareholder returns and cash flow safety margins, such as Wuliangye, as potential investment opportunities [3][4]

证券之星消息，12月25日白酒板块较上一交易日上涨1.13%，水井坊领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。白酒板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600519 贵州茅台 | | 3.19亿 | 9.67% | -3.19 Z | -9.66% | -30.16万 | -0.01% | | 600779 | 水井坊 | 1.54亿 | 35.78% | -6005.44万 | -14.00% | -9348.68万 | -21.79% | | 000858 | 五粮液 | 1.17亿 | 8.46% | -7093.63万 | -5.12% | -4619.79万 | -3.34% | | 000596 古井贡酒 | | 5253.13万 | 17.26% | -4066.15万 | -13.36% | -1186. ...

Core Viewpoint - The liquor stocks experienced a significant upward trend in the afternoon of December 25, with notable gains in several companies, indicating a positive market sentiment in the sector [1]. Group 1: Stock Performance - Shuijingfang (水井坊) reached the daily limit with a gain of 10.01%, trading at 39.80 [2] - Huangtai Liquor (皇台酒业) increased by 5.00%, with a current price of 13.23 [2] - Jiugui Liquor (酒鬼酒) rose by 3.92%, priced at 57.53 [2] - Jinhui Liquor (金徽酒) saw a 3.23% increase, trading at 20.46 [2] - Shede Liquor (舍得酒业) gained 2.59%, with a price of 58.96 [2]

Core Viewpoint - The article highlights a significant increase in the stock prices of various Chinese liquor companies, indicating a positive trend in the industry as of December 25. Group 1: Stock Performance - Water井坊 (600779) experienced a maximum increase of 10.01%, reaching a price of 39.80 [1][2] - 皇台酒业 (000995) saw a rise of 5.00%, with its current price at 13.23 [1][2] - 酒鬼酒 (000799) increased by 3.92%, now priced at 57.53 [1][2] - 金徽酒 (603919) rose by 3.23%, with a current price of 20.46 [1][2] - 舍得酒业 (600702) had a growth of 2.59%, reaching a price of 58.96 [1][2] - 山西汾酒 (600809) increased by 1.76%, now at 178.69 [1][2] - 迎驾贡酒 (603198) saw a rise of 1.71%, priced at 40.46 [1][2] - 金种子酒 (600199) increased by 1.73%, with a current price of 9.98 [1][2] - 天佑德酒 (002646) rose by 1.58%, now priced at 9.02 [1][2] - 伊力特 (600197) had a growth of 1.49%, reaching a price of 14.27 [1][2]

Group 1 - The A-share market saw a rapid increase in liquor stocks, with Shui Jing Fang hitting the daily limit, Huangtai Liquor rising over 6%, and Jiu Gui Jiu increasing nearly 5% [1] - Other notable performers included Jin Hui Jiu and She De Jiu Ye, both rising over 3% [1] Group 2 - The liquor index showed a gain of 1.36%, reaching 5989.43 points [2] - Shui Jing Fang had a significant increase of 10.01%, with a total market value of 194 billion [2] - Huangtai Liquor rose by 6.98%, with a market value of 23.91 billion [2] - Jiu Gui Jiu increased by 4.99%, with a market value of 189 million [2] - Jin Hui Jiu and She De Jiu Ye saw increases of 3.63% and 3.22%, respectively, with market values of 104 billion and 197 billion [2]

Core Viewpoint - The Anhui liquor industry is collectively shifting towards community-focused sales models, with companies like Kuozi Jiao, Gujing Gongjiu, and Yingjia Gongjiu opening local liquor shops to directly engage with consumers [1][10]. Group 1: Market Dynamics - The traditional sales model relied heavily on distributors, but the new "liquor shop" approach requires companies to engage directly with consumers, shifting from brand-centric to retail-centric thinking [1][2]. - The competitive landscape has changed significantly, with Kuozi Jiao's market position declining, Gujing Gongjiu leading in scale and growth, and Yingjia Gongjiu surpassing Kuozi Jiao to become the second-largest player [5][6]. Group 2: Financial Performance - In the first three quarters of 2025, Kuozi Jiao reported a revenue of 3.174 billion yuan and a net profit of 742 million yuan, reflecting year-on-year declines of 27.24% and 43.39% respectively, with a 92.55% drop in net profit for Q3 [8][12]. - Gujing Gongjiu's revenue was 16.425 billion yuan and net profit 3.96 billion yuan, down 13.87% and 16.57% year-on-year [8]. - Yingjia Gongjiu's revenue reached 4.516 billion yuan with a net profit of 1.511 billion yuan, showing declines of 18.09% and 24.67% respectively [9]. Group 3: Consumer Behavior and Market Trends - The demand for liquor has slowed, with a notable decrease in corporate group purchases and business banquets, leading to a reassessment of consumption structures towards community retail and personal consumption [16][17]. - The competition among Anhui liquor brands is shifting from scale expansion to intense competition at the retail level [18]. - The traditional year-end negotiations between liquor companies and distributors are changing, with companies adopting a more cautious approach in setting sales targets [19]. Group 4: Strategic Implications - Kuozi Jiao's move to open community liquor shops symbolizes a strategic shift to regain direct consumer engagement amid market pressures [14][20]. - The industry faces a critical challenge in transitioning from a reliance on wholesale distribution to a focus on direct sales and consumer engagement [21][22].

Group 1 - The liquor sector experienced a decline of 0.66% on December 19, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] - Key stocks in the liquor sector showed varied performance, with Yingjia Gongjiu rising by 3.09% to a closing price of 40.09, and *ST Rock falling by 4.91% to 3.29 [2] Group 2 - The liquor sector saw a net outflow of 564 million yuan from institutional investors, while retail investors contributed a net inflow of 264 million yuan [2] - Major stocks like Wuliangye and Moutai had minimal price changes, with Wuliangye at 110.53 (up 0.09%) and Moutai at 1410.00 (up 0.21%) [2] - The liquidity dynamics showed that retail investors were more active, with significant inflows into stocks like Yingjia Gongjiu and Yanghe Co., despite overall institutional outflows [3]

12月19日，迎驾贡酒盘中上涨2.08%，截至11:00，报39.70元/股，成交9744.70万元，换手率0.31%，总 市值317.60亿元。 资金流向方面，主力资金净流入634.49万元，特大单买入523.79万元，占比5.38%，卖出0.00元，占比 0.00%；大单买入1538.47万元，占比15.79%，卖出1427.78万元，占比14.65%。 责任编辑：小浪快报 迎驾贡酒今年以来股价跌24.29%，近5个交易日涨1.53%，近20日跌4.64%，近60日跌7.72%。 资料显示，安徽迎驾贡酒股份有限公司位于安徽省六安市霍山县佛子岭镇，成立日期2003年11月28日， 上市日期2015年5月28日，公司主营业务涉及白酒的研发、生产和销售。主营业务收入构成为：中高档 白酒80.26%，普通白酒14.31%，包装材料3.38%，其他2.05%。 迎驾贡酒所属申万行业为：食品饮料-白酒Ⅱ-白酒Ⅲ。所属概念板块包括：白酒、中盘、融资融券、 MSCI中国、基金重仓等。 截至9月30日，迎驾贡酒股东户数5.71万，较上期减少14.56%；人均流通股14015股，较上期增加 17.05%。2025年1月-9月 ...

徽酒 "四朵金花" 之一的迎驾贡酒，正面临一场关乎未来的 "传承大考"。 73 岁的实控人、董事长倪永培，在儿子倪庆燊退出核心管理层 8 年后，将现年43岁儿媳张丹丹推至副 董事长之位。 这一上市以来首次设立的关键岗位，被外界解读为 "接班人尘埃落定" 的明确信号。 如今，这家市值 315 亿元的白酒巨头，正站在多重矛盾的十字路口：家族传承从 "子承父业" 转为 "儿 媳接棒"，引发市场对治理稳定性的质疑。 | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 1,355,590,729.87 | -20.76 | 4,515,922,008.40 | -18.09 | | 利润总额 | 495,920,555.13 | -39.50 | 1,995,935,305,82 | -24.78 | （图源：迎驾贡酒 2025 年第三季度报告） 此外，2025 年前三季度营收、净利润双双下滑超 ...